Sage Intacct R1 2024 became available on February 16th. This first update for 2024 brings features designed to meet user needs, ensuring maximum value from your Sage Intacct investment.
The Accordant Client Enrichment Group recently reviewed the new features in R1 and shared their favorites.
Sage Construction Management
Unveiled in October, the new Sage Construction Management platform (formerly Corecon) demonstrates Sage’s dedication to delivering comprehensive cloud solutions. This platform covers the entire construction process, from pre-construction and operations to financials, offering an economical alternative to Procore with full integration into Sage Intacct.
View the Product Sheet
Watch the Launch Video
AP & AR Aging Standard Reports Enhanced
Retainage balances now display correctly for any selected date in aging reports. Previously, balances showed only as of the current date, even when backdating the report.
Why we are excited about this: This update provides accurate retainage balances for all reporting dates, enhancing accuracy.
Vendor Compliance Updates
Track Compliance Records by Primary Document
Users can now track compliance records by primary documents such as Purchase Orders or Subcontracts, in addition to tracking by Vendor.
New Commitment Compliance Tab
A new Commitment Compliance tab appears on Purchase Orders and Subcontracts, displaying associated compliance records like insurance or lien waivers directly in the data entry screens.
Why we are excited about this: These updates simplify the recording and maintenance of compliance records and improve organization by linking them directly to primary documents.
Submitters Now Receive Approval Notifications in Accounts Payable
Previously, approval notifications were only sent to the user who drafted the transaction. Now, submitters also receive notifications when a bill is approved or declined.
Why we are excited about this: Submitters stay informed about transaction statuses, ensuring clarity and reducing workflow delays. (Note: This feature requires configuration.)
Simplify the List of Contacts in AP & AR Transaction Dropdowns
Dropdowns for selecting vendor or customer contacts can now be simplified by limiting options to relevant contacts.
Why we are excited about this: This enhancement reduces errors and speeds up the selection process by narrowing choices to only relevant data. (Note: This feature requires configuration.)
Project Contract Billing Details Tab on AR Invoices
A new Project Contract Billing Details tab on Accounts Receivable invoices provides read-only visibility into billing totals for project contract lines and contracts.
Why we are excited about this: This feature improves visibility and reduces navigation by consolidating key billing data in one location.
New Template Option for Retainage Release Invoices
Users can now set a default custom printed document template for retainage release invoices, independent of the template used for regular Accounts Receivable invoices.
Why we are excited about this: This customization allows users to tailor invoices specifically for retainage releases, enhancing communication with customers. (Note: This feature requires configuration.)
Conclusion
The Sage Intacct R1 2024 release focuses on refining the user experience, enhancing system capabilities, and optimizing financial management processes. For more information or assistance, contact us at [email protected] or call 973-887-8900.
Want to know more? Access detailed release notes via your Sage Intacct homepage starting February 16th, and explore the Release Calendar to stay informed about future updates.
